deficit reduction must be balanced, including spending cuts as well as tax increases. since 60% of the federal budget goes to entitlement programs such as medicare, medicaid and social security, there is no way to achieve balance without slowing the rate of growth in those programs." so in conclusion, mr. president, let me say this. there is a widespread consensus about the seriousness of this problem, and the fact that we must take significant measures to rein in our deficit spending and do it now. we need a bold plan that will reduce spending, reform and simplify our tax system, and most of you will restructure medicare, medicaid and social security to preserve those benefits for future generations. in subsequent remarks, i intend to address how congress can get with it and become part of the solution instead of part of the problem and create a long-term deficit reduction plan. that begins, mr. president, by fulfilling our obligation, our constitutional obligation to pass a budget which this body has not done in more than 1,300 days. but let's be honest with ourselve